QSolar Limited

April 19, 2011 09:00 ET

Qsolar Limited Announces Closing of the Private Placement

CALGARY, ALBERTA--(Marketwire - April 19, 2011) - Qsolar Limited ("Qsolar" or the "Company") (CNSX:QSL) today announced the closing of the private placement announced on April 7, 2011, for total gross proceeds of CAD$1,500,000. Pursuant to the financing, the Company issued 15,000,000 units priced at $0.10 per unit. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of $0.15 within 18 months from issuing.

In connection with the offering, Qsolar paid finder's fees totalling $120,000 and issued 1,200,000 agent's warrants. Each agent's warrant is exercisable into one common share at $0.10 within 18 months from issuing. The common shares and underlying securities are subject to a four-month hold period.

The proceeds will be used for financing current orders and general working capital.

Qsolar profile

Qsolar is manufacturing solar PV panels under a contract manufacturing agreement in China using its proprietary patent pending Spraytek process and its own designs.

Qsolar products were introduced in July 2010 and since the introduction there has been a very significant interest, orders and letters of intent from the European market as well as the US market.

Qsolar Spraytek panels offer several advantages over competing products in that they have significantly lower losses in hot climates due to their design, offer superior solar cell encapsulation for better protection and longer life and cost less than equivalent products in the market. Furthermore Qsolar offers solar panels with positive tolerance which means that the customer will get a guaranteed output which can be up to 5% more than the actual specifications. This leads to further savings as competitive products are offered with tolerances of +-3% which means that they can have up to 3% lower output than what is specified.

QSolar has started trading on the Canadian National Stock Exchange (CNSX) with the symbol QSL on March 25 2011 through a reverse take-over of Bricol Capital Corporation. For more information on QSolar please view the Listing Statement on the CNSX website, www.cnsx.ca.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report and the documents that we incorporate by reference, are forward-looking statements and can generally be identified by words such as "will," "allow," "outlook," or the negative of these terms, and other comparable terminology.

Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether Qsolar Limited is able to meet price, performance, quality and delivery requirements. Qsolar undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

Shares outstanding 26,100,000

Contact Information

  • Qsolar Limited
    Andreas Tapakoudes
    President & CEO